From Bloomberg: Economists ignore volatile commodity prices when calculating inflation. The poorest families, who spend as much as 25 percent of their after-tax income on food and fuel, don’t have that luxury.
Rising prices “will shave a couple tenths off consumer spending, and the consumers that are going to get hit the most are at the lower end of the income scale,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York..............................................Full Article: Source